Skip to content

Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Bill Steinman
Contributing Editor

Total lands third on the Top 10 disgorgement list

As part of its $398 million settlement Wednesday, Total S.A. agreed with the SEC to disgorge $153 million of profit made from its bribery in Iran. That’s the third biggest disgorgement in FCPA history.

What exactly is disgorgement? It’s a remedy, according to Marc Alain Bohn, authorized by the Securities Exchange Act of 1934 that’s ‘used to deprive wrong-doers of their ill-gotten gains and deter violations of federal securities law.’

Disgorgement first appeared in an FCPA enforcement action in 2004 (ABB Ltd disgorged $5.9 million to resolve books and records and internal controls offenses). Since then the SEC has used disgorgement in more than three-quarters of its FCPA-related enforcement actions.

Here are the current top ten FCPA-related corporate disgorgements (including prejudgment interest):

1. Siemens $350 million in 2008

2. KBR  $177 million in 2009

3. Total S.A. $153 million in 2013

4. Snamprogetti $125 million in 2010

5. Technip $98 million in 2010

6. Daimler $91.4 million in 2010

7. Pfizer $45.2 million in 2012

8. Alcatel-Lucent $45 million in 2010

9. Chevron $25 million in 2007

10. Pride $23.5 million in 2010

For comparison, here’s our current list of the top ten FCPA enforcement actions of all time.

Share this post

LinkedIn
Facebook
Twitter

Comments are closed for this article!